UPDATE: Anglo American To Sell Scaw South Africa For $440 Million
24 Abril 2012 - 9:45AM
Noticias Dow Jones
Globally diversified miner Anglo American PLC (AAL.LN) Tuesday
said it has agreed to sell its Scaw South Africa Ltd. steelmaking
business for 3.4 billion rand ($440 million), bringing the total
proceeds from the sale of its non-core assets to $3.7 billion.
This virtually closes Anglo American non-core asset disposal
program that was launched in 2009 and resulted in the sale of
various industrial assets including its zinc operations. Anglo
American is now focusing on seven commodities--copper, diamonds,
iron ore, metallurgical coal, nickel, platinum and thermal
coal.
Still outstanding is the regulatory approval for the creation of
a joint venture that will house the remainder of its previously
labeled non-core assets, its U.K. Tarmac construction materials
operations.
Anglo American is selling Scaw South Africa, which makes highly
specialized steel components for the mining, rail, power, offshore
oil and gas, and construction industries, to a consortium led by
state-owned Industrial Development Corp. and a series of Black
Economic Empowerment partners.
Anglo American sold Scaw's international business Moly-Cop and
AltaSteel to OneSteel Ltd. (OST.AU) in December 2010 for $932
million.
It also sold the majority of its Tarmac business and is in the
process of creating a joint venture with French construction
company LaFarge SA (LFRGY) which has been delayed after the U.K.
Competition Commission expressed concerns in February that the new
JV could hamper competition in the construction materials industry.
LaFarge said in a statement then that the competition concerns
could be "remedied."
Anglo American agreed to sell Scaw South Africa for $440
million, making the total amount accrued from the sale of Scaw's
businesses $1.4 billion. Scaw South Africa was sold to a consortium
that includes IDC, and BEE groups Izingwe Holdings Ltd. and
Shanduka Resources Ltd. The deal is expected to close sometime in
2012, subject to regulatory approval.
Liberum Capital said in a note that the Scaw asset sale was a
"small positive" for Anglo American, adding that Scaw's total
proceeds were 6.6 times greater than its 2010 earnings before
interest, taxes, depreciation and amortization or Ebitda
contribution to Anglo American's results, prior to when the sale
began.
As of 1230 GMT, the company's shares were flat at 2,294 pence a
share.
Anglo American also disposed of other non-core assets during the
last three years, including its zinc assets in Southern Africa and
Ireland for $1.3 billion to Vedanta Resources PLC (VED.LN).
-By Alex MacDonald, Dow Jones Newswires; +44 (0)7776 200 924;
alex.macdonald@dowjones.com
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